The Solicitors Regulation Authority is reducing contributions to the compensation fund.

The cash pot for compensating clients who suffered with dishonest solicitors is falling from £40 to £30.

But the SRA has proposed an increase in the practising fee of £10 – to £151 in 2022/23.

Each firm’s contribution will also come down from £760 to £690.

Chief executive Paul Philip said the plan was to focus on efficiency and protecting the public, whilst maintaining standards.

The SRA has also said its anti-money laundering work will remain a high priority. Its plans include more firm inspections to ensure compliance with AML rules.